If there is default of repayment by the buyer in case of factoring and the factor is able to recover the amount from the seller, it is called ……
a. Non-recourse factoring
b. Without recourse factoring
c. Recourse factoring
d. Bills discounting
Ans – c
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A bank can exercise its right of general lien u/s 171 if (a) the goods are received in normalcourse of business (b) in the capacity of a banker (c) whether as security for loan or for safe custody (d) the loan is due for recovery.
a. a to d all correct
b. a, b and c correct
c. a, b and d correct
d. b, c and d correct
Ans – c
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The rule in Clayton case becomes applicable in banking transactions in the following cases (a) when death of a customer takes place (b) when the partner retires (c) when the guarantor withdraws his guarantee (d) when the director of a company dies who has been operating the account.
a. a, b and c only
b. b, c and d only
c. a, c and d only
d. a to d all
Ans – a
X received a bearer cheque from Y for valuable consideration and in good faith. Actually Y had stolen this cheque from Z. X would get title of ……
a. A holder only
b. A holder for value
c. A holder in due course
d. An endorsee
Ans – c
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The no.of which component of Central Board of Directors of RBI, does not match?
a. Governor-1
b. Dy. Governors-6
c. Directors-15
d. None of the above
Ans – b
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In the balance sheet of a bank, the off-balance sheet items are shown as ……
a. Assets
b. Liability
c. Asset or liability as per its nature
d. Notes to the balance sheet
Ans – d
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Out of the following, which does not match?
a. A cheque is received by a trust as donation from Mr. X – Trust is a holder only
b. A cheques is given by Mr. X to Mrs. Y as gift on her marriage – Y is a holder in due course
c. X delivers to Y a bearer cheque after getting the value from Y – Y is a holder in due courses.
d. A finds a cheque drawn in favour of B – A is not holder
Ans – b
Which of the following is not true in respect of Common Seal?
a. Common Seal of the Company can only be of metal and not a rubber stamp
b. Fact that it is a common seal & name of the Company should be engraved in it in legible characters in English only
c. Common Seal can be affixed only with the authority of the Board of Directors as provided in AoA
d. Subsequent Board resolution will not validate documents where Common Seal is affixed without Board of Directors Authority
Ans – b
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Pledge of movable assets by a company can be searched at ……
a. Register of Charges maintained by a Company at the Registered Office
b. Registrar of Companies of the State where Registered Office of the Company is situated
c. Both a and b
d. Neither a nor b
Ans – a
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Search for Corporate guarantee given in relation to any other corporate body can be made at
……
a. Register of Guarantees maintained by a Company at the Registered Office
b. Registrar of Companies of the State where Registered Office of the Company is situated
c. Both a and b
d. Neither a nor b
Ans – a
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Which of the following charge over assets of the company is not required to be registered with Registrar of Companies?
a. Equitable Mortgage
b. Hypothecation
c. Pledge
d. Charge on Book Debts
Ans – c
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